CSAV GROUP CLOSES DOWN NORASIA HEADQUARTERS

CSAV GROUP CLOSES DOWN NORASIA HEADQUARTERS    The Chilean shipping group Compania Sud Americana de Vapores is closing down the Fribourg-based headquarters of Norasia Container Lines, the Swiss shipping line it acquired last year.
   In an announcement to staff members, CSAV chief executive officer Francisco Silva said that Norasia will shift its headquarters from Fribourg to Hong Kong, where it will assume regional group responsibilities, to strengthen the group’s position in key markets and bring about additional synergies.
   Norasia’s Fribourg-based headquarters employs about 200 employees. It isn’t know how many staff will relocate to Hong Kong or to the CSAV group’s regional European office in Hamburg. Germany.
   CSAV said that it expects to complete the office moves by the end of June.
   The Chilean group acquired Norasia last May.